Legitimately reducing her capital gains taxes meant that Kim was now able to enjoy the fruits of her labour and live a comfortable self-funded retirement
Kim rang us one day in a state of panic. She was about to sell the business that she had worked hard to build for the past 25 years. It was set to be a highly profitable deal. However, when she crunched the numbers, she was shocked at the potential tax bill at the highest marginal tax rate of 45% plus 2% Medicare levy. She wondered whether it was worth selling the business after all.
What We Did to Help
We reviewed Kim’s situation and worked closely with a financial planner to come up with strategies that helped her to reduce her tax bill while ensuring that she was able to achieve a self-funded retirement. Various small business capital gains tax (CGT) concessions were looked into, including the retirement exemption, 50% active asset reduction and 15-year exemption. The final result was that Kim did not have to pay any capital gain taxes.
“I requested Glint Accountants to look into my situation as I was shocked by the potential tax bill and wasn’t sure if it was worth selling my business which I built with blood and sweat over 25 years. I was over the moon that my tax bill was legitimately reduced to nil! I can now retire and spend more time with my grandkids! Engaging Glint Accountants was worth every cent!” - Kim